Sold
526 Western Ave, Lynn, MA
Lynn · MA 01904
- $3,900,000
- Price
- 43
- Beds
- 16
- Baths
- 17688
- Sq. ft.
Overview
Property type:
Multi-Family
Year built:
Built in 1910
Units:
16 Units
Lot size:
5,662 Sq.Ft Lot
Price per square foot:
$226 / Sq.Ft
Parking:
No Parking
About this home
Listed at a 7.28% Cap Rate on current income, the asset is a four-story brick building contains sixteen (16) units comprised of eleven (11), 3-Bedroom/1-Bathroom units and five (5), 2-Bedroom/1-Bathroom units with 17,688 square feet of living area on a 0.13-acre corner parcel of land. The Property is well-located at the intersection of Western Avenue and Franklin Street and is 0.1-miles from Stop & Shop. The Property is situated along the edge of Downtown Lynn and is walkable to numerous dining, drinking, shopping, cultural and entertainment amenities including Central Square, BayRidge Hospital, and North Shore Community College. In-place leases are significantly below market rates; the opportunity exists to upgrade the unrenovated unit interiors to drive rental rates in an urban-infill, high demand/supply-constrained residential market. The option exists to potentially assume the existing debt at 4.04% interest rate.
Neighborhood & Transit
526 Western Ave, Lynn · MA 01904
Nearby transit
Within 0.5 mile, measured straight-line to the nearest station entrance.
No subway or commuter rail stations within 0.5 mile.
Price Insight
- Days on Market:
- 1105 days
- Listing Price:
- $4,000,000
- Price per Sq.Ft:
- $226
- Tax Assessment:
- $3,455,700 in 2023
- Taxes:
- $3,211 / Monthly
Home Facts
Interior Features
- Bedrooms
- 43
- Full Bathrooms
- 16
- Half Bathrooms
- 0
- Living Area
- 17,688 Sq.Ft
- Kitchen
- Unknown
- Primary Bedroom
- Unknown
- Laundry
- Unknown
- Living levels
- Unknown
- Rooms
- Unknown
- Above grade area
- 17688
- Flooring
- Unknown
- Lead paint
- Unknown
Utilities
- Heating Type
- Unknown
- Heating Zone
- Unknown
- Cooling
- Unknown
- Cooling Zones
- Unknown
- Water
- Unknown
- Sewer
- Unknown
- Electric Features
- Individually Metered
Exterior Features
- Lot Size
- 5,662 Sq.Ft
- Lot Description
- Unknown
- Exterior Features
- Unknown
Parking
- Garage Parking
- 0 Parking Spaces
- Off Street Parking
- None
Construction Details
- Construction Type
- Unknown
- Siding
- Brick
- Roof
- Unknown
Green Features
- Electric Vehicle Charger
- Unknown
- Solar Panels
- Unknown
- Green Certified
- Unknown
- Insulation Features
- Unknown
- Energy Features
- Unknown
Listing information
- Listing agent
- Stephen Girolamo
- Listing office
- Horvath & Tremblay
- MLS PIN #
- 73173826
- Disclosure
- Units 5 and 15 are currently vacant - rents are set to market in current condition. Total Monthly Rent is $35,245 - the maximum input allowed by MLS is $32,767